Economic growth continues in Queensland
Everyone knows that Queensland is home to some fantastic beaches and stunning landscapes. But it's not just the lifestyle that makes the Sunshine State a great place to invest. In fact, the economy is one of the strongest in the country due to the high level of investment and growth that occurs here.
It's things like funds being injected into local infrastructure, business investment in areas throughout the state and government reforms to allow this growth that makes Queensland a strong landscape for real estate investing.
The key is selecting areas in the state that are currently strong performers and will continue to be for some time. With the right property education, you'll be on the road to wealth in no time.
Business is booming
More and more people are choosing to live in Queensland. Job growth is high, property values are picking up and this all makes the state that much more attractive to both businesses and home owners.
Recently, Coles Supermarkets announced it will invest $480 million into the state's economy. This will be done through opening up 31 new stores around Queensland. In turn this will provide approximately 8,000 jobs for locals.
According to Premier Campbell Newman, a third of these new stores will be located in regional parts of the state. Not only will the building of these local branches give residents in the nearby towns ongoing employment in the future, but there's also job creation in the construction industry, too.
Queensland has seen large growth in employment in recent months. Figures from the Australian Bureau of Statistics identified that over April the state saw the creation of 7,000 jobs in trend terms. With 12 consecutive months of job growth, there's no doubt why people are choosing to move here.
Reforms to grow economy further
It's federal budget season, and you might have already heard word about it in the news. One change in the federal budget this year affects Queensland and its strong natural resources industry. The budget will provide $100 million over the next four years for minerals exploration. This will help mining companies tap into the state's existing natural resources and potentially provide more jobs in the future.
The federal budget includes $50 billion for infrastructure funding over the next six years, which is sure to benefit many states across the country. Queensland Resources Council Chief Executive Michael Roche said this funding is "essential for projects in Queensland such as the Toowoomba Second Range Crossing" in a May 13 statement.
Along with this, the Queensland government has also passed reforms for the state's construction, resources and tourism industries in order to save businesses in these sectors money.
The QLeave scheme was approved earlier this week (May 20) and reduces the QLeave levy rate for construction, resulting in $24 million in savings.